Liquidity has strengthened substantially, with the current ratio rising from near-zero in 2024 to 5.44 in 2026Q1, although free cash flow remains erratic due to ongoing growth-oriented reinvestment.
| Cash from Operations | 61.61M | 56.47M | 42.55M | -3.05M | -56.95M | -1.1M | 6.15M |
| Operating CF Margin % | - | 19.47% | 18.86% | -1.73% | -42.44% | -1.1% | 11.8% |
| Operating CF Growth % | 285.89% | 32.72% | 1497.1% | 94.65% | -5096.08% | -117.82% | - |
| Net Income | 23.45M | -6.43M | -32.88M | -10.04M | -94.47M | -12.16M | 3.69M |
| Depreciation & Amortization | 10.44M | 9.87M | 8.35M | 0 | 16.84M | 3M | 3.68M |
| Stock-Based Compensation | 17.04M | 31.69M | 31.2M | 0 | 34.19M | 19.36M | 495K |
| Deferred Taxes | 1.09M | -9.52M | 0 | 0 | -522K | -8.35M | 0 |
| Other Non-Cash Items | 13.83M | 46.47M | 29.59M | -4.39M | -1.04M | 9.03M | -1.93M |
| Working Capital Changes | -4.23M | -15.62M | 6.29M | 11.38M | -11.95M | -11.96M | 210K |
| Change in Receivables | 7.78M | 2.02M | -18.89M | 0 | -10.45M | -20.59M | -693K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -21.68M | -4.02M | 13.62M | 3.38M | -5.66M | 18.1M | 0 |
| Cash from Investing | -17.54M | -17.11M | -9.95M | 37.79M | -4.07M | -1.36M | -3.11M |
| Capital Expenditures | -9.49M | -12.5M | -9.95M | 0 | -245K | -4K | 0 |
| CapEx % of Revenue | 3.17% | 4.31% | 4.41% | - | 0.18% | 0% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 2.56M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 6.17M | 0 | 0 | -4.96M | -3.83M | -3.92M | -3.11M |
| Cash from Financing | 87.56M | 88.24M | -5M | -34.88M | 14.9M | 91.71M | 2.12M |
| Debt Issued (Net) | -72M | -24M | -5M | 2.73M | 13.81M | -9.6M | 2.1M |
| Equity Issued (Net) | -10.09M | 112.24M | -333K | -41.06M | -37K | 111.89M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -10.03M | -333K | -41.06M | -37K | -1.6M | 0 |
| Other Financing | 169.65M | 0 | 328K | 3.45M | 1.12M | -10.58M | 14K |
| Net Change in Cash | 131.64M | 127.6M | 27.59M | -132.18K | -46.12M | 89.25M | 7.78M |
| Free Cash Flow | 19.56M | 56.47M | 32.6M | -3.05M | -61.02M | -5.02M | 6.15M |
| FCF Margin % | 6.54% | 19.47% | 14.45% | -1.73% | -45.47% | -5.06% | 11.8% |
| FCF Growth % | -52.94% | 73.23% | 1170.41% | 95.01% | -1115.32% | -181.62% | - |
| FCF per Share | 0.25 | 0.11 | 0.42 | -0.04 | -0.79 | -0.07 | 0.08 |
| FCF Conversion (FCF/Net Income) | 0.83x | -8.79x | -1.29x | 0.06x | 0.60x | 0.09x | 1.67x |
| Interest Paid | 3.14M | 0 | 178K | 0 | 52K | 320K | 651K |
| Taxes Paid | 3.29M | 0 | 0 | 520K | 3.29M | 0 | 0 |
Attribution model regulatory sensitivity
As reported in financial statements, MNTN exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently swinging into negative territory, most notably reaching -6.71 in 2024Q4, which suggests that reported earnings are heavily influenced by non-cash items and timing differences.
The significant divergence between net income and operating cash flow indicates that MNTN's accounting earnings are not currently a reliable proxy for cash generation. Investors should monitor whether this gap narrows as the company matures, as the current reliance on non-cash adjustments may obscure the underlying cash-generating efficiency of the platform.
Based on the provided quarterly data, MNTN's free cash flow trajectory remains highly erratic, fluctuating from a $10.0M outflow in 2024Q1 to a $24.3M inflow by 2024Q4, highlighting the company's ongoing struggle to balance aggressive growth-oriented reinvestment with the need for consistent self-funded operations.
The volatility in FCF margins suggests that MNTN is still in a phase where capital allocation is prioritized toward market share acquisition rather than steady-state cash flow generation. This pattern warrants further investigation into whether the recent positive FCF trends are sustainable or merely a byproduct of temporary working capital management.
According to recent SEC filings, MNTN maintains a consistent capital intensity, with CapEx/Revenue ratios hovering between 3.4% and 5.3% over the last ten quarters, suggesting that the company's software-centric model does not require heavy, recurring physical asset investment to support its current growth trajectory.
The relatively low and stable capital intensity confirms that MNTN's business model is primarily driven by software development and platform maintenance rather than heavy infrastructure. This allows the company to scale without the burden of massive, recurring capital expenditures, provided that R&D remains effective at maintaining the platform's competitive edge.
Analysis of the cash flow statement reveals that MNTN relies heavily on stock-based compensation, which peaked at $14.1M in 2025Q1, effectively acting as a non-cash substitute for salary expenses that would otherwise weigh more heavily on the company's reported operating cash flow and net income.
The consistent use of SBC suggests that the company is utilizing equity to preserve cash, which may be a necessary strategy for a growth-stage firm but potentially dilutive to shareholders. Analysts should adjust for these non-cash charges to better understand the true economic cost of talent and the company's underlying operational profitability.
Quick answers to the most common questions about buying MNTN stock.
MNTN Inc. (MNTN) generated $56.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MNTN Inc. (MNTN) generated $56.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
MNTN Inc. (MNTN) spent $12.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, MNTN Inc. (MNTN) spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.